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Madison Dearborn, Providence-backed CDW files for $500m IPO

25 Mar 2013

server5_lrgIT services company CDW has filed to raise $500m in an IPO which will could see it terminate its management services agreement with its private equity owners.

Madison Dearborn Partners and Providence Equity Partners bought CDW through a $7.4bn take-private deal in May 2007, 14 years after the business had become a public company.

CDW did not reveal the stakes held by Madison and Providence, or how much they intend to sell in the IPO, but said it planned to use proceeds to redeem senior subordinated notes and terminate the management services agreement, which has seen the firm net a total of $5m each year.

JP Morgan, Barclays and Goldman Sachs are acting as bookrunners for the IPO, with other investment banks including Morgan Stanley, Deutsche Bank Securities and Bank of America Merrill Lynch hired as underwriters.

The news comes hot on the heels of reports private equity-backed contact lens maker Bausch & Lomb was looking to raise $100m through an IPO.

B&L’s proposed float could raise up to $1.5bn and value the business at between $9bn and $10bn, Reuters has previously reported.

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